Have you experienced the panicky sensation you get at night right before your crucial exam? The uncertainty and anxiety lingering in our minds often compel us to do things in an instant. Well, a similar panicky situation was recently witnessed by the Indian crypto investors fueled by the announcement of the anticipated ban on private crypto tokens by the government. The constantly worsening scenarios across the domain created unrest amongst the investors who quickly resorted to stock sale-offs at heavily discounted levels.
Citing this panic selling, CoinDCX CEO, Sumit Gupta stated that the incident has given a major blow to the Indian crypto market. The abrupt selling regime adopted by the investors led to a significant fall in the value of crypto tokens in India only. The spearhead of the popular cryptocurrency exchange conveyed that the news of the proposed ban on cryptocurrencies hit the local industry while the global business continued to flourish.
Talking about the core internal setup of cryptocurrencies, Sumit said that geographical positions do not have any impact on crypto as they are highly decentralized in working. Crypto price fluctuations occur due to constantly changing market conditions. The impact of a particular market trend or government policy is less likely to leave a global impact. This is why the news about the ban on private cryptocurrencies in India led to a price fall at the local level.
Sharing a piece of advice with crypto investors, the CEO conveyed that crypto users should act prudently in risky volatile conditions like these. He requested the investors to take decisions only after doing proper research of the market trends. The Bitcoin professional added that the recent news did put the investors in a triggered state compelling them to sell off their stocks in haste. He assured his users that his team will continue to safeguard their funds and guide them towards the most convenient solutions.
The CoinDCX spearhead hinted towards a well-designed, positive regulatory framework for the crypto industry in India. He is hopeful that the regulatory authorities will soon come to chalk out a solution directed by the discussions held between the stakeholders and the government authorities in the past. He considers that this news is a welcoming step for the Indian crypto market.
A similar reaction was given by Zebpay’s co-CEO, Avinash Shekhar. The renowned crypto advisor revealed that they are anxiously waiting for the government to unveil the details of the crypto bill during the winter session of the Parliament. Avinash acknowledged the initiatives taken by the government for spreading cryptocurrency education amongst novice investors and its impact on investors, exchanges, and policymakers. He is hopeful that the law will be drawn inculcating all the fruitful inputs exchanged during the panel discussions and meetings.
Where the COVID-19 pandemic brought an uncertain halt to the global financial arena, it turned out to be a catalyst for cryptocurrencies. The virtual assets sector grew in terms of trading volume, price value, and investors. Nearly $3-4 billion worth of assets are involved in crypto trading since the outbreak of the deadly pandemic. The level of cryptocurrency security is unmatched while a fully-transparent interface allows users to keep a track of every activity on the channel. Those who are willing to explore crypto can learn crypto trading tactics from various reliable online programs offered by firms like Blockchain Council.
The CEO of CrossTower India and a member of Blockchain and Crypto Assets Council (BACC), Vikas Ahuja gave some crucial inputs on the recent market trend. He stated that the Indian crypto industry is hopeful for a positive result, however, an unfavorable policy can change everything. The number of Web3 developers and crypto fans is increasing exponentially in India, said Vikas. He feels that lawmakers should draft out a solution that safeguards the interests of the investors rather than imposes a complete ban on crypto use.
The spearhead revealed that crypto is a decentralized network that can run underground but cannot be banned completely. For instance, Nigeria banned crypto but today it has become of the biggest P2P trading hubs, said Vikas. The chief urged governments to encourage the innovation power of crypto rather than stopping its expansion and use.